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Currency News

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(25 Jul 2025, 12:08)

Pound pressured by strong dollar, lower than expected UK retail sales; GBPINR futures slide


UK pound edged lower against the dollar on Friday tracking good rebound in dollar overseas amid mixed set of US data. DXY, which tracks the greenback’s performance against a basket of six currencies, is up 0.21% at 97.32. Data revealed that the number of Americans filing for unemployment benefits dipped below forecasts, suggesting a strong labour market. However, the S&P Global Manufacturing PMI fell into contraction territory, signaling weakness. Meanwhile, on the domestic docket, UK retail sales fell short of the market expectations. UK retail sales were up 0.9% month-over-month in June after declining 2.8% in May but markets projected a 1.2% rebound in the reported month. Core sales, stripping the auto motor fuel sales, climbed 0.6% on month, compared with the previous revised drop of 2.9% and the expected 1.2% growth. Annual retail sales also came in below expectations. Currently, GBPUSD is quoting lower by 0.21% at $1.3494. On the NSE, GBPINR futures were down 0.19% at 116.78.

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